NEWS Catch up with the latest in accounting news
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Catch up on the latest news in accounting here, from cutting edge bookkeeping technology to self-assessment updates.
We are unpaid tax collectors
Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless of their VAT position.
This is true if you are not registered for VAT, you do not have to
What a tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated periodically and help employer’s work out how much tax to deduct
Declare a beneficial interests in joint property
The usual tax position for couples who live together with their spouse or civil partners is that property income held in joint names is divided 50:50. This is regardless of the actual ownership
Workplace pension responsibilities
Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing to make a larger pension pot.
The law states
Check your National Insurance record
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record
In
Invest and save tax
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from your profits before tax.
The AIA
Tax-free child care
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for Easter school holidays childcare costs.
The TFC scheme can help parents of children aged up to 11
Apprenticeships boost
From the start of April 2024, the government will increase the amount of funding that employers who are paying the apprenticeship levy can pass onto other businesses. Apprenticeships can currently be
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